SEC Will Go to Trial Against BofA Over Bonuses
The Securities and Exchange Commission said Monday it will go to trial against Bank of America Corp. over bonuses at Merrill Lynch, opening the possibility of also bringing charges against bank executives, a week after a judge's stinging rejection of a $33 million settlement of the case. Despite its decision to go to trial in the case, the SEC noted in a statement issued Monday night, "We firmly believe that the settlement we submitted to the court was reasonable, appropriate and in the public interest." [From SEC Will Go to Trial Against BofA Over Bonuses]